Small and medium sized (SME) online retailers are overwhelmingly optimistic about their prospects in 2020, according to a new report.
Seventy per cent of UK SME online retailers said they were confident their sales would increase in 2020, while 79 per cent said their prospects over the next five years were good or very good.
According to the study, commissioned by Royal Mail, SMEs are increasingly looking to international markets to increase their revenues.
In 2020 62 per cent of smaller retailers intend to increase their international sales revenue via a range of tactics including simplifying supply chains and payment processes and targeting new markets and countries.
Two thirds or retailers say they already sell overseas, primarily in Europe, the US, Asia and the Middle East.
“As we enter a new decade, the level of business confidence is promising for 2020 and the years beyond,” Royal Mail’s managing director of marketing Shane O’ Riordain said.
“Royal Mail already supports a wide range of retail businesses, providing them with the tools they need to succeed in the UK and across the globe. We look forward to working with even more of these great businesses this year.”